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REGISTERED NUMBER: SC593981 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Brownstone Property Limited

Brownstone Property Limited (Registered number: SC593981)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brownstone Property Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Eric McDermott





REGISTERED OFFICE: 59 James Watt Street
Glasgow
G2 8NF





REGISTERED NUMBER: SC593981 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

Brownstone Property Limited (Registered number: SC593981)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 426,512 441,948

CURRENT ASSETS
Cash at bank 16,578 677

CREDITORS
Amounts falling due within one year 5 363,104 341,176
NET CURRENT LIABILITIES (346,526 ) (340,499 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,986

101,449

CREDITORS
Amounts falling due after more than one
year

6

-

(41,908

)

PROVISIONS FOR LIABILITIES 8 (12,893 ) (14,326 )
NET ASSETS 67,093 45,215

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 66,993 45,115
SHAREHOLDERS' FUNDS 67,093 45,215

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Brownstone Property Limited (Registered number: SC593981)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2024 and were signed by:





Eric McDermott - Director


Brownstone Property Limited (Registered number: SC593981)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Brownstone Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on cost
Plant and machinery - 10% on reducing balance
Fittings and equipment - 10% on reducing balance

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Brownstone Property Limited (Registered number: SC593981)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fittings
Heritable Plant and and
property machinery equipment Totals
£    £    £    £   
COST
At 1 June 2022
and 31 May 2023 394,824 39,769 69,903 504,496
DEPRECIATION
At 1 June 2022 28,274 12,461 21,813 62,548
Charge for year 7,896 2,731 4,809 15,436
At 31 May 2023 36,170 15,192 26,622 77,984
NET BOOK VALUE
At 31 May 2023 358,654 24,577 43,281 426,512
At 31 May 2022 366,550 27,308 48,090 441,948

Brownstone Property Limited (Registered number: SC593981)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 12,360
Taxation and social security 8,917 2,897
Other creditors 354,187 325,919
363,104 341,176

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 41,908

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 54,268

The bank loan is secured over the company's property.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 12,893 14,326

Deferred
tax
£   
Balance at 1 June 2022 14,326
Provided during year (1,433 )
Balance at 31 May 2023 12,893

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100